The post Why is Crypto Market Crashing Today?  appeared on BitcoinEthereumNews.com.

The post Why is Crypto Market Crashing Today?  appeared first on Coinpedia Fintech News The crypto market is crashing today as Elon Musk and President Donald Trump’s clash has taken a hard hit on the market. Tesla dropped 15%, Bitcoin keeps sliding, and altcoins are also dropping fast. The crypto market cap is down 4.8% in the last 24 hours and the U.S. stocks also dipped slightly amidst the chaos. Cryptocurrencies Take Big Hit Bitcoin was down over 4% to $100,500 earlier today, and is close to dropping below $100K for the first time in a month. It is currently trading at $102,995. Other coins like Solana and SUI took big hits, falling more than 7%. Ethereum dropped 7.25%, XRP was down 4.35%, and Solana lost 5.2%. However, they have slightly recovered at the time of writing. The TRUMP meme coin crashed 9.3% during the Musk-Trump fight. Crypto stocks like Coinbase also fell 4.6%, MicroStrategy dropped 2.4%, and miners like MARA, Riot, and Core Scientific also fell about 5%. $1 Billion in Crypto Liquidations Nearly $1 billion in crypto positions were liquidated in 24 hours, mostly from long bets. Bitcoin alone saw $341M in daily liquidations, while Spot Bitcoin ETFs saw $278M outflows as institutions pulled back.  Data from Glassnode showed that many long-term Bitcoin holders started selling after BTC hit a record $111,970 in May, raising the chances of a short-term price drop. ETH futures also saw a 5.5% drop in open interest and $260M in long liquidations. The sudden sell-off shows investors are getting worried as bigger economic risks and U.S. politics shake the crypto market. Reports hint that the White House is even holding emergency talks to see how this might affect the economy.  Politics Getting in the Way? With good news around rate cuts and rising…

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Filed under: News - @ June 6, 2025 8:28 am